Best Loans for Bad Credit in Illinois: Top Lenders and Rates for 2023

Ask Yourself the Important Questions

It’s important to know why you’re taking out a loan and how you’re going to go about the application process. Consider asking yourself the following questions:

• How much funding do you need? Many factors and situations can dictate the amount that you need. Knowing how much you need can ensure you don’t ask for too much or too little.
• What’s your credit score? Your credit profile determines the loan amount, APR, repayment terms and other aspects of your loan. Make sure you apply with a lender who will accept your score.
• Can you afford the monthly payments? A loan is a monthly obligation. It’s best to take a look at your budget to see if it can support a loan payment.
• Do you have existing debts? Your existing debts affect the lender’s decision to approve your application or not.
• Is your debt manageable through other means? Check your options to see if there are other more affordable or convenient ways to fund your needs.

Do Your Research

Looking for a loan involves shopping for the best deal. You need to look around, compare prices and then decide which one fits your budget best. You might also be looking for the option that gives you the best value for your money. Sometimes, there are options that just don’t work.

When looking for a loan, it’s important to explore your options, compare rates and check the fine print. These details can help you choose the best loan for your financial situation, needs and preferences.

Although MoneyGeek does its best to find the best lenders for different borrower profiles, our recommendations aren’t one-size-fits-all. Your personal circumstances may affect your decision. At the end of the day, the best lender for your needs depends on you. Our recommendations can guide you in making your decisions, but it’s important to do your own research.

Read the Fine Print

When you research lenders, they usually give important information right away. If you’re browsing their website, you’ll immediately see the loan amount and APR ranges. Then, while you’re scrolling the page, you might see other information, like the repayment terms and benefits of the loans.

These details may be enticing, but they’re not the entire picture. Sometimes, you need to go the extra mile to look for fees and other conditions that come with the loan. These details can be found at the bottom of the page in tiny font or in their FAQs section.

Reading the fine print is a crucial step because it helps you know the true cost of your loan. It also helps you avoid unwanted and unforeseen fees that may balloon over time. Therefore, in your research, pay attention to fees, such as origination fees, late fees, prepayment penalties and other additional costs that the lender may charge.

Wait

There might be several things going on in your mind while you choose a personal loan lender. You might be asking yourself more questions along the way or second-guessing your choice. Maybe you just want to be a hundred percent sure of your decision.

It can be beneficial to try taking a break. Consider waiting a day or two before finalizing your decision. Giving yourself time can help you clear your mind and sort things out. Allow yourself to take every concern one step at a time until you’re more confident about your decision.

Remember that a loan is a commitment. You need to pay your installments every month, including interest. Depending on your lender, you may subject yourself to a hard inquiry that affects your credit score. Because of this, being absolutely sure about your loan is necessary to avoid having regrets in the future.

Apply

Once you have all the details about your loan and you’re sure about your decision, the next step is to apply. The application process varies for every lender.

Online applications could be the most convenient option. Some lenders accept online applications through their official websites and mobile apps. Their system can guide you throughout the step, especially when it comes to providing relevant documents.

If you’re not comfortable with online applications, you can also apply personally or over the phone. For personal applications, you can go to your lender’s office and submit the requirements. Calling your lender’s hotline is also another way to apply.

Lenders usually ask for identification, address verification and proof of income when you apply for a loan. They can also request other documents, depending on their process and your application. It’s best to secure the important documents beforehand to avoid delays.